Ever since our school days when we were taught to stand in line, we’ve become accustomed to getting ranked. Well, now it’s time for your “loaner” ranking – not personality wise of course – but your appetite for debt!
The loaner ranking is a snapshot in time and can change for the better or worse. I used to be a big time loaner when I went $50k in debt, but I paid that off! That’s the best part: you can change.
The worst part is that it’s really easy to take on new loans and debt for nearly everything. A new house, car, furniture, electronics, vacations, medical procedures, and even pets can get you a loan! Businesses want to make it as easy as possible because loans allow us to “buy” more even if we don’t have the money.
So, the question is, how much of a loaner are you? Take this short quiz to find out. You can either take it based off of what debt you have now, or you can take it forward looking on where you’d like to be.
If you do/would have a loan for the following, add up the points next to it:
1. Mortgage (1)
2. Student loans (1)
3. Car/Auto (2)
4. Credit Card Debt (3)
5. Line of credit (4)
6. Furniture, electronics, home goods (5)
7. Vacation (5)
8. RVs, boats, ATVs, etc (5)
9. Pets (10!)
Now add up the scores. For example, if you have a mortgage, car loan, and ongoing credit card debt, your total score would be 6 (1 + 2 + 3).
Well, you may not like it, but at least now you know where you stand. My wife and I are currently a “Slight Loaner” with 1 point – woo hoo! We’re eyeing you mortgage loan… you’re definitely next!
Do you need to subtract some numbers from your loaner score? If so, check out how I took control of my money and knocked out my debt. Where do you stand?